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Musical Chairs at Morgan Stanley Private Wealth Management
[Photo: MS Sydney, Australia, HQ's, by Alex Proimos / Wikimedia Commons]
by Howard Haykin
The private wealth management sand dunes continue to shift at Morgan Stanley, which employs more than 15,000 advisers. In 2016, the firm reshuffled its top executive ranks in wealth management following the departure of President Greg Fleming. Earlier this year, the firm reduced the number of regional executives from 8 to 6. Yesterday, Morgan Stanley announced plans to put 90 financial advisers alongside investment bankers at its Times Square headquarters - in hope the interaction will generate more business. [See Financialish.com]
Finally, Morgan Stanley issued a memo with further changes at the top of its private wealth management unit. The changes include 2 promotions and a flattening of the management structure. According to Reuters:
- Vince Lumia, head of wealth management, will now be 'head of the field'.
- Mandell Crawley, chief marketing officer, will now be head of wealth management.
- Former divisional head Bill McMahon and Rick Skae will now be vice chairs of wealth management.
It remains to be seen if the 'game of musical chairs' has come to an end.